[Sniz]

Originally Posted by Kiemyster

I would never have a client buy a house without an engineer report, and 70% of the price reductions are rooted in their findings. Its extremely helpful, and if you had a buyer agency with an agent they will def. make sure everything goes as well as it could.

It depends on the situation, but I just try to get whats fair for both seller and buyer. Each situation is different, as long as the house is sold at a fair price according to its condition. The seller will state what condition/warranties go along with the title. Make sure you get a general warranty on the deed. Make sure to look for state tax liens as they will take priority over mechanics liens. if you hear the words "quitclaim" run the other way.

Good luck op, and take ear to E90SoFlo's advice as well

you all do things different in NYC for sure. No one down here has engineers involved in transactions until AFTER something alarming structurally is found at the home inspection. Even after that, things are negotiated DURING the home inspection contingency period. If its not worked out at that time your either walking away as the buyer or buying with the problems.

you are NOT negotiating at closing unless you want to be sued straight up your ass.

welcome to Maryland.

OP - that sounds too good to be true. 8k for any habitable standing structure doesnt seem possible.

[ABQ325i]

Originally Posted by Sniz

OP - that sounds too good to be true. 8k for any habitable standing structure doesnt seem possible.

It is, especially if it is true that the average home value is $35-$50k. Everything I saw on Zillow under $10k for the zipcodes the OP gave were vacant land.

[N54Love]

Originally Posted by FifthStreetz

hmm north philly...the ghetto, a house for 8K might sound like a good deal but keep in mind the area the house is it. Also your tenants will be low income, which means you will probably have to deal with him being late on rent or maybe even going one or two months without paying. Buyer beware.

+1

[yogi]

US AN AGENT OR AN ATTORNEY! you clearly dont know what your doing, so hire someone that does to protect your interests.

idfk what anyone else said, i didnt read the whole thread. hire an agent or an attorney. He Who Represents Himself Has A Fool For A Client

[persian54]

8k for a house.. wow....

[08rookie]

Originally Posted by ABQ325i

It is, especially if it is true that the average home value is $35-$50k. Everything I saw on Zillow under $10k for the zipcodes the OP gave were vacant land.

im well aware that these properties are complete shit. im well aware of the neighborhood and the surrounding folk who walk the streets. my business is in this part of the city. i can actually rent to people i know...

North Philly is huge. maybe the zips dont do justice. if you knew the neighborhoods (west kensington, fairhill, tioga, feltonville, hunting park) you would have a better understanding.

they zip codes do NOT just list vacant lots...here are some examples

http://www.zillow.com/homedetails/3338-Phillip-Philadelphia-PA-19140/2126132803_zpid/#{scid=hdp-site-map-bubble-photos}

http://www.zillow.com/homedetails/3115-Reach-St-Philadelphia-PA-19134/10335781_zpid/#{scid=hdp-site-map-list-address}

http://www.zillow.com/homedetails/5443-Florence-Ave-Philadelphia-PA-19143/10482300_zpid/#{scid=hdp-site-map-list-address}

these places are complete shit! im well aware...but they have potential and i have cash!

[Freakazoid]

i'd say it's worth the 'fun' factor, but to iterate and boil it down to 2 main points.

get an agent or someone to represent you, this will cost you pennies in comparison.
make sure your insurance is square across the board.

[M3Bahn]

Originally Posted by 08rookie

im well aware that these properties are complete shit. im well aware of the neighborhood and the surrounding folk who walk the streets. my business is in this part of the city. i can actually rent to people i know...

North Philly is huge. maybe the zips dont do justice. if you knew the neighborhoods (west kensington, fairhill, tioga, feltonville, hunting park) you would have a better understanding.

they zip codes do NOT just list vacant lots...here is one example for 7k:

http://www.zillow.com/homedetails/3338-Phillip-Philadelphia-PA-19140/2126132803_zpid/#{scid=hdp-site-map-bubble-photos}

im sure there is a loaded story behind the place. im well aware the place might need thousands in renovations. my point is philly is fulllllllll of row homes for miles and miles and miles. they pack them in this city like sardines.

30 year is only $28 a month!
Then why are nearby homes going for 55k and up?

[08rookie]

Originally Posted by M3Bahn

30 year is only $28 a month!
Then why are nearby homes going for 55k and up?

im not sure exactly...

i will say that philly is a good block bad block kind of city. there is a neighborhood called northern liberties...row homes can run upwards of 200k-400k depending on certain factors...but you are a stones throw away from a war zone. anybody who knows the city will tell you "stay south of here...or once you cross the train be careful.."

200k for a row home is insane!!! i dont care where you live...you dont even get a driveway haha

[Scrubber]

This reeks of a bad idea. Abort.

[ABQ325i]

Not sure about the first one but the other two look like shells. Probably foreclosures or picked up at a tax auction with the best intentions and left to rot. They'll need a lot of work though.

[Freakazoid]

Originally Posted by ABQ325i

Not sure about the first one but the other two look like shells. Probably foreclosures or picked up at a tax auction with the best intentions and left to rot. They'll need a lot of work though.

this as well, expect no walls and no plumbing

[08rookie]

for sake of the discussion...

how would you turn 20k into 40k legally within a reasonable amount of time...18-24 months

[Freakazoid]

Originally Posted by 08rookie

for sake of the discussion...

how would you turn 20k into 40k legally within a reasonable amount of time...18-24 months

if there was a surefire way, everyone would be doing it... you have to play to your strong suits.

you can flip houses like that but you have to know everything or know someone that knows everything.
you can do stocks but you have to know your stuff, etc etc.

all of it comes with a risk as well

[scott_uw]

Originally Posted by 08rookie

for sake of the discussion...

how would you turn 20k into 40k legally within a reasonable amount of time...18-24 months

Short sell on the margin?

[E90SoFlo]

ONCE AGAIN ZILLOW PRICES ARE WAY OFF. PLEASE STOP THINKING THEY ARE CORRECT. ZILLOW AND ALL THE OTHER "HOME-FINDER" WEBSITES THAT GIVE OUT PRICES ARE INCORRECT.

K done ranting, have a good day.

[08rookie]

Originally Posted by E90SoFlo

ONCE AGAIN ZILLOW PRICES ARE WAY OFF. PLEASE STOP THINKING THEY ARE CORRECT. ZILLOW AND ALL THE OTHER "HOME-FINDER" WEBSITES THAT GIVE OUT PRICES ARE INCORRECT.

K done ranting, have a good day.

maybe they are off with regards to estimating value on property. if you check a map of the property, zillow will give you an estimate on the value of the property to the left and right and every house down the block and maybe they over or underestimate those houses...

however...

if zillow displays a property for sale, the sale price is accurate...they have links to the listing agents site and you can confirm yourself when you call the agent...